Morgan Stanley Wealth Division Hits $8.9 Billion Revenue Milestone

The wealth division’s performance was buoyed by strong asset management fees and a 18 percent annual increase in net interest income, which hit $2.254 billion. Profit before taxes reached $2.697 billion, maintaining a steady 30 percent pre-tax margin. The bank also reported record net new assets of $148.4 billion, with more than half of that inflow tied to client IPOs within the workplace channel.

These results contributed to a broader beat for the firm, which reported total net revenues of $21.3 billion for the quarter, up significantly from $16.8 billion a year ago. Net income rose to $5.6 billion, or $3.46 per diluted share. Ted Pick, chairman and CEO, attributed the exceptional results to active markets and consistent execution across all three operating regions.